9SP is an app store for Global SMEs. 9SP has met all major milestones since listing, with Barclays, Suncorp and Deloitte (UK/Aust) on its platform before Christmas. Most importantly Barclays are ramping-up promotional activity in mid-February. With all channels ‘live’ heading into Christmas, 9SP business development sales pipeline has experienced a spike in inbound inquiries. 9SP has launched its direct platform in the UK, with its US launch to follow; We see this as a clear precursor to winning a US channel partner. Our valuation is $0.47/share and is based on the low-end of the range for all current contracts, except Barclays.